Dear John: I’ve read most of your great articles in The Post and mostly agree with what you say. That said, it has kept me from buying or getting back into the euphoria of the latest rally in the last six months.

I had sold most of my positions back in May 2008 with the firing of my portfolio adviser.

My concern is the summer rally might not occur. My other concern is the fall — which, you know as well as I, can be risky at best.

What I do see is massive unemployment. And I don’t buy the argument that jobs are the last thing to improve in an economy. I’d love to hear your thoughts on this and appreciate your time. B.G.

Dear B.G.: Warren Buffett, the most famous investor of our time, was an optimist just a few months back and now says the economy is a “shambles.” So you and I are now in good company in regard to our similar predictions on the economy.

Yet stock prices have risen nicely since the spring. Wall Street can keep stocks going for a while before it can’t anymore. We’ve seen this before. And if we don’t learn from past mistakes, then we get what we deserve.

As you know, I predicted early this year that the economy would look a bit stronger in the spring — mostly because of statistical quirks but also some seasonal buying. And, of course, we are spending lots of money on stimulus and that has to do something.

I figured back then that this would help the stock market in the spring. But except for the effects of the stimulus spending — which aren’t yet clear — the other stuff (seasonal adjustments and statistical quirks) will end.

Plus, I’m told by people who keep track of these things that banks will soon be hit with the next wave of bad mortgages, credit-card debt and insolvent commercial real-estate loans.

A lot of this stuff is being stalled in the pipeline.

If you missed the spring rally then venture into the stock market very carefully now. Stocks went up a lot more than most people thought they would, including me.

And that’s not a good thing. It means that there may be dangerous euphoria on Wall Street, which is hard to believe given the state of the economy.